Some Relief

[minan]

Sign of relief. I met with atty today and we recalculated the numbers. Found an error which has resulted in lower monthly payment. I was so stressed and something wasn't making sense with the original numbers.

My atty is really nice and so patient with me. We are going to amend some of the skeds, however we're going to wait.

I just started my new job and we need the paycheck stub to see the deductions and see how this will impact the budget since this is my income going forward.

However I feel a bit of relief after meeting with the atty.

[ColoradoBell]

Good news!
I'm glad your attorney was willing to listen and to reassess the situation.
Hope your DMI is now livable and that you get confirmed soon!

[minan]

This does pose another question: What happens if DMI is negative? I believe this is an issue, right, in a 13?

How long can the DMI be? I believe I can lower my DMI still due to business expenses.

[ColoradoBell]

I probably don't know enough to answer this question...
but...
I think you have to be able to pay the trustee, the attorney, all priority debt, and whatever unsecured debt that would be paid if , in a Ch 7, the 'estate' was liquidated. (so, non exempt assets).

In my case, the trustee said I had a LOT more disposible income while my ex argued that I had no income and that my expenses were too LOW. HA!

[LadyInTheRed]

minan, I'm so happy to hear things are looking up.

If you end up with a negative DMI you will need to adjust the expenses on your schedule J to produce enough DMI over the life of your plan to pay your mortgage arrears, taxes, and attorney and trustee fees. Didn't you also have a transfer to an insider? If so, you may also need to pay at least the amount transferred to the unsecured creditors. I don't remember if you have a car loan. If so, that needs to get paid too. Paying it outside the plan will help lower trustee fees. If you can create a plan that pays those items and still leaves you enough to live off of, the plan should be approved.